All articles tagged with #banking committee
Sen. John Kennedy (R-La.) said he will vote for the landmark Senate crypto bill in the Banking Committee this week, after negotiating changes (including fiduciary-responsibility language) and leaving room to consider amendments at the markup, signaling momentum for the legislation regardless of bipartisan backing.
Senator Tim Scott has introduced a bill aimed at preventing Iran from accessing $6 billion in funds that were made available in exchange for the release of American prisoners. The bill would restrict the ability of the Treasury and State departments to loosen sanctions on Iranian funds and require the Treasury Department to report on other Iranian assets blocked by US sanctions. The bill has garnered support from 21 Republican co-sponsors, including Senators McConnell and Cotton, and is seen as complementary to another bill with similar aims. Scott has also called for a hearing with Treasury Secretary Janet Yellen to discuss Iran sanctions.
Republican Senator J.D. Vance is aligning with Democrats to challenge big banks and promote legislation that protects smaller banks. Vance, known for his populist stance, is working on bipartisan proposals that penalize bank executives for failures, restrict bank acquisitions, and rein in credit card fees. He has gained support from fellow Republicans, causing concern for big bank lobbyists. Vance's approach reflects a broader shift within the GOP, challenging the party's pro-business ideology. His efforts were fueled by the collapse of Silicon Valley Bank, which drew attention to banking industry mismanagement. Vance's collaboration with Senator Elizabeth Warren has resulted in significant progress on executive compensation legislation. He is also supporting a bill to lower credit card swipe fees, despite opposition from the banking industry.